Welcoming the market regulator's proposed plans to implement e-IPO and startup specific listings platform, the New Delhi-based firm said it will provide "much needed access to funds for start-ups".
"For us at Snapdeal, we are particularly pleased with this move considering that easing of listings norms will benefit India-focussed companies like ours in the long-run," a company spokesperson said.
According to reports, Snapdeal was looking at American bourses for listing. In 2013, Snapdeal co-founder and chief executive officer Kunal Bahl had talked of a US listing without disclosing any deadline.
Capital markets regulator Sebi on Tuesday relaxed its regulations for companies to list and raise funds through a dedicated platform on domestic stock exchanges rather than going overseas.
Under the new norms approved by Sebi's board on Tuesday, the stock exchanges would have a separate institutional trading platform for listing of startups from new age sectors, including e-commerce, while the minimum investment requirement would be Rs. 10,00,000.
For their listing, Sebi has relaxed the mandatory lock-in period for promoters and other pre-listing investors to six months, as against three years for other companies.
Sebi Chairman U K Sinha said, "Indian startup space is very vibrant and the country is ranked number five as far as startups are concerned.
"More than 3,100 startups are there in the country and a large number of M&As have also happened."
"However, most of these start-ups were thinking of listing outside... We have made a very special provision for them," Sinha added.
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